Many entrepreneurs have wondered if they needed a college degree to start a business, or what degree would be appropriate to run a business. The truth is that no one needs a degree to build a business, but there are many benefits to people getting their diplomas.
Why you do not need a college degree to start a business
Lots of well-known entrepreneurs like David Geffen, Mark Zuckerberg and Steve Jobs never went to college. US Presidents Benjamin Franklin and Abraham Lincoln had no degrees.
Here are some good reasons to start a business without an education:
- Avoid the high cost of a college education
- Spend 4 years building a business instead of 4 years in a classroom
- Better ability to seize the moment and take advantage of the present
Thanks to the Internet, entrepreneurs have access to millions of resources that can help them build a vocational education without an education. The Internet has disrupted education to the point that only 56% of small business owners have a college education, down from 64% 10 years ago.
However, there are many reasons why you may want to consider financing your education loan and it comes down to difficulties. Running a business is hard enough with an education. Without one, you really need to consider whether you have the skills and the entrepreneurial spirit to succeed.
When deciding whether entrepreneurship is right for you, ask yourself the following:
- Can your idea wait until you get a college degree?
- Do you have real-world experience in the industry?
- Are you, and can you remain, financially stable?
- Do you have a strong, ride-or-die support system?
- Do you have a really good reason to skip the education?
It is common to see statistics on high employment rates for university graduates, but how many graduates actually work in their field after graduation? With 27 pct. So no, college is not a guaranteed path to success, but a vocational education is more varied than other options.
Why you should consider getting a college degree
While it is true that it is not necessary to go to college, there are some good reasons to pursue a vocational education if you want to become an entrepreneur. Let’s look at what you want to learn.
1. Communication skills
Writing pitches and emails and attending public speaking are important skills you need if you want to run a business. But you need exceptional communication skills to work on the most challenging projects. Conflict management is also taught in several university courses.
2. Marketing skills
Without marketing, how would you sell your products or services? Scratch it, how will you convince other people to join your business as investors or employees without marketing? You need to understand your audience to appeal to them, and college can help you do that.
Accounting and budgeting
Many incredible companies do not succeed because of poor financial management. In fact, fear of economics can prevent many budding entrepreneurs from reaching their true potential. Studying business can guide you through the basics of accounting so you can confidently drive it forward.
4. Project management
Project management is a necessary skill in any sector because it helps you manage the logistics of complicated projects. Several of these projects will pop up on your desk as you run your business. College can prepare you to solve problems and prioritize your resources.
5. Protection against failure
Mistakes are not something business owners want to think about, but it is a great opportunity with entrepreneurship. Without an education, it will be difficult for you to re-enter the job market. However, a trade education is useful in all industries, so you have something to fall back on for safety’s sake.